How would you and your family cope financially if you became ill or injured and couldn’t work, if your home were seriously damaged, or if you died unexpectedly? If you’re not sure where the money would come from, your insurance company can help you identify the protection you may need to help keep your family and home secure.
Your homeowner’s insurance policy is a great first step toward protecting your home and possessions. But it’s only one part of your financial picture. Too many people lose their homes because they don’t have insurance coverage that provides funds in case of death or disability. Your local agent can help you establish a triangle of protection that includes:
Life insurance, which may be used to help pay off your mortgage and keep your family in your home if you die prematurely
Disability income insurance, which may help you make mortgage payments if you’re unable to work due to a covered disability
Homeowners insurance, which offers protection for damage to your home, the roof over your head, and your belongings inside
How much will your family will need after your death to meet immediate expenses? How much will they need long-term to maintain their standard of living? Do you have enough life insurance to help your family cover outstanding bills, pay off a mortgage, create a fund for a family member with special needs, fund a retirement, pay off debts, estate taxes, final expenses, or cover a child’s education? Life insurance is a key component of the triangle of protection because it helps provide the funds your family may need for the future.
Permanent life insurance policies offer financial protection in the event of your death. But did you know that they can also help you build cash value you can use in your lifetime? In fact, the cash value you build can grow into a sizeable asset that you can access by loans and withdrawals. With these living benefits, you could help pay for your children’s education, add to your retirement income, or provide funds for an emergency expense that may arise.
Family Life insurance can help secure your family’s financial future if you aren’t there. This is family insurance made simple. Instead of dealing with separate policies, you can get life coverage for your immediate family — for one rate — under a single policy.
Many people underestimate the risks of becoming disabled, and aren’t prepared financially for the months or years it may take to recover. In fact, 1 in 5 Americans live with a disability, and 1 in 10 Americans live with a severe disability. If you stopped earning an income because of an injury or illness, could you pay your mortgage?
Disability insurance can help protect it. If you’re totally disabled due to sickness or injury and can’t work, disability insurance offers coverage that can provide money to help pay your mortgage, rent, car loans, and other monthly expenses. It may also help prevent using your retirement or education savings if you can’t work. Disability income insurance is another critical piece of the triangle of protection because it can help you and your family, cover these costs.
Ask your local agent about the coverage available for you.